MVM Paks II. Atomerőmű Fejlesztő, a subsidiary of Hungary's state-owned power utility MVM, has signed three implementation agreements with Nizhny Novgorod Engineering Company Atomenergoproekt (Russia) for the construction of two 1,200 MW reactors on the site of the Paks nuclear power plant. These agreements confirm the previous agreements reached in 2014, including Russia financing up to €10bn (up to 80% of the total project budget). They formalise the EPC contract (detailing design, procurement and construction parameters) for the new units; the project will be built on a turnkey basis and will have a 60-year operational lifetime. MVM also signed an operation and maintenance support contract, under the terms of which MVM will be the operator of the plant. The third contract details fuel supply (price formula agreed in advance by the parties) and the handling and storage of spent fuel elements (to be stored in Russia for 20 years, where they will be reprocessed before being returned to Hungary).
Construction is expected to start in 2018, with commissioning scheduled in 2025-2026.
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